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Mumbai: The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Wednesday, as persistent <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> and a muted trend in domestic equities weighed on the local unit. Forex traders said the USDINR pair has shown significant volatility in recent sessions, with the rupee inching closer to its all-time low of 84.40. This downward pressure is largely driven by global factors, particularly the Dollar Index's strengthening. At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close. On Tuesday, the rupee fell 1 paisa to a new lifetime low of 84.39 against the US dollar. "It appears that the rupee has established support around the current levels, with depreciation limited near 84.50," CR Forex Advisors MD Amit Pabari said. Pabari further added that the RBI stands tall as the depreciation in the rupee seems to be limited as the <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) continues to sell the dollars to protect the sharp depreciation. "For the 5th consecutive week, India's forex reserves declined, possibly due to RBI selling the dollars. Currently, the forex reserves of India stand at USD 682 billion down from the recent all-time high of USD 704 billion," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04 per cent at 105.98. Brent crude, the global oil benchmark, rose 0.25 per cent to USD 72.07 per barrel in futures trade. On the domestic equity market front, Sensex was trading 210.66 points, or 0.27 per cent lower, to 78,464.52 points. The Nifty fell 100.45 points, or 0.42 per cent, to 23,783.00 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,024.31 crore, according to exchange data. On the macroeconomic front, retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices. Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month. India's industrial production expanded by 3.1 per cent in September after recording a contraction in the preceding month, as all three major segments -- mining, manufacturing, and power generation -- showed improvement. However, the growth in the Index of Industrial Production (IIP) during the month was lower than 6.4 per cent registered in September 2023.

Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> recovered from its <keyword id="22025417" type="General" weightage="20" keywordseo="all-time-low" source="keywords">all-time low</keyword> level and opened 25 paise higher at 83.84 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords" meta.keywordsubtype="org" meta.entityname="US dollar" meta.hostid="261" meta.entityid="US dollar">US dollar</keyword> in morning trade on Tuesday, mirroring the rebound in the domestic equity market, even as aggressive dollar bids from foreign banks exerted pressure on the local unit. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said risk aversion in the <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword>, escalation of geopolitical tensions in the Middle East and outflows by foreign investors further dented investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.92 and then touched an early high of 83.84, registering a 25 paise gain from its all-time closing low of 84.09 against the American currency. On Monday, the rupee slumped 37 paise to settle at an all-time low of 84.09 against the US dollar. "The rupee is being sold off in good times and bad times indicating the demand for US dollar as foreign portfolio investors exit the Indian equity market on high valuation concerns," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.16 per cent to 102.85 points. Brent crude, the global oil benchmark, was trading at USD 77.15 per barrel in futures trade, on fears of spreading Middle East conflict that could hit supplies outweighing fears of a possible US recession that could hurt demand in the world's biggest oil consumer. Moreover, Israel and US are bracing for a significant escalation after Iran and Hamas pledged to retaliate against Israel for killings last week of a Hamas Leader, traders said. In the domestic equity market, the 30-share BSE Sensex rebounded 903.63 points, or 1.15 per cent, to 79,663.03 points, while the Nifty increased by 270.50 points, or 1.12 per cent, to 24,326.10 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 10,073.75 crore, according to exchange data.

Rupee recovers from all-time low level, opens 25 paise higher at 83.84 against US dollar

<keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">Rupee</keyword> opened on a muted note and fell to an all-time low of 83.72 against the US dollar on Thursday, dragged down by the strength of the American currency in the overseas market and significant foreign fund outflows. Forex traders said the fall in the domestic unit came on the heels of a significant downturn in the Indian equity markets, sparked by the government's decision to hike the <keyword id="22422932" type="General" weightage="20" keywordseo="tax-rate" source="keywords">tax rate</keyword> on <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword>. At the interbank foreign exchange market, the local unit was trading in a narrow range. It opened at an all-time low of 83.72 against the American currency, registering a fall of 1 paisa from its previous close. On Wednesday, the rupee depreciated 2 paise to hit its all-time closing low of 83.71 against the US dollar. The government's decision to hike the tax rate on capital gains dampened market sentiment, exerting immense pressure on the rupee and the equity market. "Post-budget day, the benchmark Indian equity indices, BSE Sensex and Nifty 50, dipped by approximately 0.3 per cent and 0.2 per cent, respectively, as foreign institutional investors withdrew a staggering USD 350 million from Indian stocks. "Adding to the turmoil, persistent high demand for dollars, driven by defence and oil payments, compounded the currency's woes," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.21, lower by 0.17 per cent. Brent crude futures, the global oil benchmark, fell 0.75 per cent to USD 81.10 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 425.14 points, or 0.53 per cent lower at 79,723.74 points. The broader NSE Nifty was down 120.65 points, or 0.49 per cent, to 24,292.85 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 5,130.90 crore, according to exchange data.

Rupee slips to all-time low of 83.72 against US dollar; Fall sparked by tax rate hike on capital gains, per traders

Perth: (The Conversation) Last week, three tiny Australian satellites from Curtin University's <keyword id="23932163" type="General" weightage="20" keywordseo="Binar-Space-Program" source="keywords" meta.keywordsubtype="org" meta.entityname="Binar Space Program" meta.hostid="261" meta.entityid="Binar Space Program">Binar Space Program</keyword> burned up in Earth's atmosphere. That was always going to happen. In fact, Binar means "fireball" in the Noongar language of the First Nations people of Perth. When a satellite is in low Earth orbit (2,000km or less), it experiences orbital decay as it drags closer and closer to the surface, eventually burning up. But these cube satellites (<keyword id="21533654" type="General" weightage="20" keywordseo="CubeSats" source="keywords">CubeSats</keyword>), known as Binar-2, 3 and 4, entered the atmosphere much sooner than originally planned. They only lasted for two months - a third of what was expected. This significantly reduced valuable time for science and testing new systems. The reason for their untimely demise? Our Sun has kicked into high gear, and the Binar satellites are far from the only casualty. Recent high <keyword id="20792842" type="General" weightage="100" keywordseo="Solar-activity" source="keywords">solar activity</keyword> has been causing an unexpected headache for satellite operators in the last few years, and it's only increasing. <h2>Why is the Sun so active? </h2> Solar activity includes phenomena such as sunspots, solar flares and solar wind - the stream of charged particles that flows toward Earth. This activity is a product of the Sun's ever-changing magnetic field, and approximately every 11 years, it completely flips. At the midpoint of this cycle, solar activity is at its highest. While this cycle is known, specific solar activity is challenging to predict - the dynamics are complex and solar forecasting is in its infancy. In the last few months, indicators of solar activity were more than one and a half times higher than predictions for this point in the current cycle, labelled <keyword id="22712826" type="General" weightage="20" keywordseo="solar-cycle-25" source="keywords">solar cycle 25</keyword>. <h2>The impact of <keyword id="20087207" type="General" weightage="20" keywordseo="space-weather" source="keywords">space weather</keyword> </h2> Space weather refers to the environmental effects that originate from outside our atmosphere (mostly the Sun). It affects us on Earth in a variety of noticeable and unnoticeable ways. The most obvious is the presence of auroras. In the past few months, auroras have been visible far more intensely and closer to the equator than in the last two decades. This is a direct result of the increased solar activity. Space weather, and solar activity in particular, also creates additional challenges for satellites and satellite operators. Higher solar activity means more solar flares and stronger solar wind - resulting in a higher flux of charged particles that can damage or disrupt electrical components on satellites. It also means an increase in ionising radiation, resulting in a higher dose for astronauts and pilots, and potential disruptions to long-distance radio communications. But for satellites in low Earth orbit, the most consistent effect of solar activity is that the extra energy gets absorbed into the outer atmosphere, causing it to balloon outward. As a result, all satellites less than 1,000km from Earth experience a significant increase in <keyword id="23473319" type="General" weightage="20" keywordseo="atmospheric-drag" source="keywords">atmospheric drag</keyword>. This is a force that disrupts their orbit and causes them to fall towards the planet's surface. Notable satellites in this region include the International Space Station and the Starlink constellation. These satellites have thrusters to counteract this effect, but these corrections can be expensive. Low Earth orbit also contains many university satellites, such as the Binar CubeSats. Cube satellites are rarely equipped with tools that can adjust their altitude, so they're entirely at the mercy of space weather. <h2>What happened to Binar? </h2> The Binar Space Program is a satellite research program operating out of Curtin University. It aims to advance our understanding of the Solar System and lower the barrier for operating in space. The program began operations with its first satellite, Binar-1, in September 2021. This was less than a year into solar cycle 25 when solar activity was relatively low. In these conditions, the ten-centimetre cube satellite started at an altitude of 420km and survived a full 364 days in orbit. The program's follow-up mission - Binar-2, 3, and 4 - were three equally sized CubeSats. However, they were expected to last approximately six months owing to the extra surface area from new deployable solar arrays and a forecast increase in solar activity. Instead, they only made it to two months before burning up. While cube satellite missions are relatively cheap, the premature ending of a mission will always be costly. This is even more true for commercial satellites, highlighting the need for more accurate space weather forecasting. The good news is the Sun will calm down again. Despite the current unexpectedly high solar activity, it will likely slow down by 2026, and is expected to return to a solar minimum in 2030. While this was not an explicit goal of the mission, the Binar Space Program has now poignantly demonstrated the dramatic effects of solar activity on space operations. While the untimely loss of Binar-2, 3 and 4 was unfortunate, work has already begun on future missions. They are expected to launch into far more forgiving space weather. (The Conversation).

Right now, the Sun is far more active than predicted - and small satellites are paying the price

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and <keyword id="20220719" type="General" weightage="20" keywordseo="depreciated" source="keywords">depreciated</keyword> 3 paise to close at its all-time low of 83.66 (provisional) against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Friday, weighed down by strong American currency and muted trend in domestic equities. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> <keyword id="19993499" type="General" weightage="20" keywordseo="traders" source="keywords">traders</keyword> said weak domestic markets and elevated <keyword id="19900090" type="General" weightage="20" keywordseo="oil-prices" source="keywords">oil prices</keyword> pressured the rupee, however, likely <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) intervention prevented a sharp fall in the domestic unit. At the interbank foreign exchange market, the local unit opened at 83.64, and touched an intra-day high of 83.60 and a low of 83.66 against the dollar during the trading session. It finally settled at an all-time low level of 83.66 (provisional) against the American currency, registering a loss of 3 paise from its previous close. On Thursday, the rupee depreciated 5 paise and settled at a new low of 83.63 against the US dollar. "We expect the rupee to trade with a slight negative bias on weak global markets and a strength in the US Dollar. Weak Asian and European currencies may also weigh on the rupee," Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas — said. Choudhary said Foreign Institutional Investors (FIIs) inflows and any intervention by the RBI may support the rupee at lower levels. "USDINR spot price is expected to trade in a range of Rs 83.40 to Rs 83.90," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.16 per cent at 104.33. Brent crude futures, the global oil benchmark, were trading marginally lower by 0.07 per cent at USD 85.05 per barrel. In the domestic equity market, the 30-share BSE Sensex tumbled 738.81 points to settle at 80,604.65 and Nifty dropped 269.95 points to 24,530.90. Meanwhile, the Asian currencies were all down after a fall in European currencies as the European Central Bank (ECB) kept rates unchanged in its meeting with a possibility of a cut in September, traders said. FIIs were net buyers in the capital markets on Thursday as they purchased shares worth Rs 5,483.63 crore, according to exchange data.

Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> recovered from its all-time low level and appreciated 9 paise to 83.69 against the US dollar in early trade on Friday, amid a positive trend in domestic equities. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said foreign fund outflows from Indian equities following the government's decision to hike the tax rate on <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword> weighed on the local currency and restricted the move upwards. At the interbank foreign exchange market, the local unit opened at 83.72 against the American currency, then rose to 83.69 against the American currency, registering a rise of 9 paise from its previous close. On Thursday, the rupee dropped by 7 paise to close at an all-time low of 83.78 against the US dollar. "The rupee remains under significant pressure, hovering near all-time low levels. This strain is due to the government's recent decision to hike the tax rate on capital gains, sparking major outflows of Foreign Institutional Investments (FIIs). "However, the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has been actively capping the downside, preventing further depreciation by maintaining the rupee at around 83.75," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.30, lower by 0.05 per cent. Brent crude futures, the global oil benchmark, rose 0.18 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 82.52 per barrel. In the domestic <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword>, the 30-share BSE Sensex was trading 291.71 points, or 0.36 per cent higher at 80,331.51 points. The broader NSE Nifty was up 114 points, or 0.47 per cent, to 24,520.10 points. <keyword id="19932515" type="General" weightage="100" keywordseo="Foreign-Institutional-Investors" source="keywords" meta.keywordsubtype="org" meta.entityname="Foreign Institutional Investors" meta.hostid="261" meta.entityid="Foreign Institutional Investors">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,605.49 crore, according to exchange data.

Rupee recovers from all-time low, rises 9 paise to 83.69/USD in early trade

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> recovered from its all-time low level and appreciated by 5 paise to 83.65 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Monday, as the American <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> retreated from its elevated level. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said foreign fund inflows and possible intervention by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) supported the rupee at lower levels and restricted the downfall. At the interbank foreign exchange market, the local unit opened at 83.66, and touched an early high of 83.65, registering a gain of 5 paise from its previous close. On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 against the US dollar. "A weakening dollar -- prompted by shifts in the macroeconomic landscape and emerging cracks in US economic data -- caused the dollar index to dip to 104. This scenario saw emerging market currencies rising against the dollar," CR Forex Advisors MD Amit Pabari said. However, despite these rupee-supporting factors, the Indian currency hasn't appreciated significantly, Pabari added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.29, lower by 0.10 per cent. Brent crude futures, the global oil benchmark, rose 0.69 per cent to USD 83.20 per barrel. On the macroeconomic front, India's forex reserves jumped by USD 9.699 billion to an all-time high of USD 666.854 billion for the week ended July 12, the RBI said on Friday. In the previous reporting week, the kitty had increased by USD 5.158 billion to USD 657.155 billion, surpassing the previous high of USD 655.817 billion for the week ended June 7. "This increase (in forex reserves) suggests that the RBI is actively preventing the Rupee from strengthening, even in the face of significant inflows into the equity and debt markets," Pabari said. In the domestic equity market, the 30-share BSE Sensex was trading 264.92 points, or 0.33 per cent lower at 80,339.73 points. The broader NSE Nifty was down 88.10 points, or 0.36 per cent, to 24,442.80 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,506.12 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank">Google Pixel 9 Pro Fold to launch in India on August 14 alongside the Pixel 9 series</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a>

Rupee recovers 5 paise from all-time low to 83.65 against US dollar in early trade

<ul class="summary-list"><li>Elon Musk dumped millions into Pennsylvania and camped out in the state to deliver it to Trump.</li><li>His super PAC built a last-minute canvassing effort and spearheaded untested ground-game techniques.</li></ul>Elon Musk, the world's richest man, took a frenzied and controversial gamble on the biggest swing state in the 2024 race, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">it paid off. </a>President-elect Donald Trump won Pennsylvania and, with it, another <a target="_blank" class="" href="https://www.businessinsider.com/trump-2024-election-win-5-stats-to-explain-result-2024-11">four years in the White House</a>.Between opaque money channels and the chaos of day-to-day ground operations, the full scope of <a target="_blank" class="" href="https://www.businessinsider.com/business-leaders-react-donald-trump-winning-election-silicon-valley-2024-11">Musk's</a> efforts in the <a target="_blank" class="" href="https://www.businessinsider.com/pennsylvania-grocery-store-voters-talk-economy-inflation-harris-trump-2024-10">Keystone State</a> aren't yet clear. But they were substantial.On July 13, Musk publicized his <a target="_blank" href="https://x.com/elonmusk/status/1812256998588662068?lang=en">support for Trump on X,</a> posting a video of the former president after he survived an <a target="_blank" href="https://www.businessinsider.com/secret-service-elon-musk-investigation-tweet-biden-kamala-assassination-2024-9">assassination attempt</a> in Butler County, PA.Musk set up a war room of sorts in Pittsburgh and spent the <a target="_blank" class="" href="https://www.businessinsider.com/election-trump-harris-outrage-garbage-mark-cuban-puerto-rico-2024-11">race's final weeks</a> galavanting across the state. He urged Pennsylvania voters to head to the polls in apocalyptic terms, telling them in late October that <a target="_blank" href="https://www.businessinsider.com/elon-musk-america-super-pac-trump-turn-out-voters-2024-10">the 2024 election</a> would determine "the fate of Western civilization."<h2 id="d23cb44a-cd94-4837-9c9d-ff0134e1a228">Musk spent more than $130 million on the election, much of it late in the game.</h2>Musk's Keystone State tour-de-force began on October 5, when he attended his <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">first campaign rally alongside Trump in Butler, PA. </a>Beyond appearing beside Trump, Musk hosted his own events in Pennsylvania.Between October 17 and October 20, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-x-newsnation-town-hall-video-2024-5">he hosted four town halls in as many days</a> across the state. On October 26, he hosted another town hall.<div type="image" title="Elon Musk and Donald Trump at a rally in Butler, PA." height="5504" width="8256" msid="115060193" hostid="261" sizebytes="7890120"></div>Tom Eddy, chairman of the Erie County Republican Committee, told BI the day after the election that Musk is a well-liked figure in the state, particularly because he's created successful companies."And those things can play very well with the American economy," Eddy said, noting that the issue was top of mind for many voters in his swing district that ultimately voted for Trump.Much of Musk's work in Pennsylvania happened through the super PAC he created, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-america-pac-targets-young-men-vote-2024-9">America PAC.</a>Under new legal guidance for 2024, these outside groups can coordinate directly with campaigns. Trump's campaign and America PAC signed a data-sharing agreement, which let them jointly determine which voters to target. For the most part, America PAC spent its money on canvassing and digital advertising.According to documents filed with the Federal Election Commission in late October, Musk funneled just under $119 million into his PAC, including $43.6 million in the first two weeks of October alone. As of October 16, he publicly disclosed spending <a target="_blank" href="https://www.businessinsider.com/elon-musk-trump-gop-spending-130-million-2024-10">more than $130 million overall </a>to help Trump and Republicans, though donations made past that date won't appear on public filings until late November. It remains unknown how much Musk has given to "dark money" groups, which are nonprofits that don't disclose their donors.Musk, the Trump campaign, and the Harris campaign did not respond to requests for comment for this article.<h2 id="69e7381f-e923-4fa6-a1a3-b990c7582f8f">The ground game was key to Musk's effort.</h2>In Musk's mind, voter mobilization was key to winning Pennsylvania, and he was particularly focused on turning out low-propensity voters in rural areas, the New York Times reported. He even hired <a target="_blank" href="https://www.businessinsider.com/chris-young-republican-operative-elon-musk-hired-donald-trump-donor-2024-8">Chris Young</a>, a Republican operative with extensive experience in field operations, to guide his political spending.Campaigns and outside groups typically spend months, if not years, building the architecture of voter mobilization. Some Democrats doubted America PAC's efforts ahead of Election Day."You gotta find the people. You gotta train the people. You gotta design and print everything. You gotta use the data," Daniel Fee, a Democratic strategist in Pennsylvania, told Business Insider before the election. "Field is not like, 'I knocked on your door and now I'm done.'"He added, "If late money was all you needed, that's all anybody would do."<div type="image" title="America PAC invested most of its resources into canvassing and digital efforts." height="4681" width="7409" msid="115060194" hostid="261" sizebytes="3445228"></div>But Charlie Gerow, a Republican strategist in Pennsylvania, told BI on Wednesday that Musk's positive effort was undoubtedly felt on the ground."Elon Musk took up residency here the last week to 10 days of the campaign and was a big help in pushing President Trump over the finish line," he said.Republican leaders in three key Pennsylvania counties told Business Insider before the election that they were confident in America PAC's get-out-the-vote effort. Canvassers for America PAC knocked on around 2.3 million doors in Pennsylvania alone, the Times reported.On Wednesday, Eddy said that while it's hard to credit just one person, Musk "obviously" had an impact in improving Trump's canvassing effort.Patricia Poprik, the chairwoman of the Bucks County Republican Committee, said Republicans in the state were thrilled to have the mogul on their side. "People are enjoying it, and they like seeing him," she said two days before the election.Other Republican officials BI spoke with echoed Poprik."It's been kind of surreal, to be honest," Christian Nascimento, chair of the Montgomery County Republican Committee, said. "He is just this singular figure."<h2 id="64da1222-2fce-4b78-b72c-5a8241ff78a9">America PAC used unconventional, untested get-out-the-vote efforts.</h2>America PAC didn't just rely on traditional door-knocking — it also turned to novel methods, including some that landed the group in legal jeopardy. The PAC offered <a target="_blank" href="https://www.businessinsider.com/elon-musk-trump-superpac-donations-politics-2024-10">registered voters in Pennsylvania $100</a> to sign a petition in support of the First and Second Amendments, and another $100 to refer another signer. Registered voters in other swing states could earn $47 per referral.At an America PAC event in Harrisburg, PA on October 19, Musk announced that he would award <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-1-million-giveaway-legal-questions-2024-10">$1 million each day</a> through November 5 to a swing state voter who signed the petition. The first winner, John Dreher, hailed from Pennsylvania.<div type="image" title="Elon Musk hands out a $1 million check" height="3001" width="4500" msid="115060196" hostid="261" sizebytes="1988604"></div>Democrats and legal scholars were quick to question if the move violated election law. The <a target="_blank" class="" href="https://www.businessinsider.com/doj-warns-elon-musk-voting-sweepstakes-reports-2024-10">Department of Justice</a> sent Musk a warning letter and the Philadelphia District Attorney <a target="_blank" class="" href="https://www.businessinsider.com/judge-could-halt-elon-musks-1m-america-pac-giveaway-2024-10">filed a civil case</a>, calling the petition an "unlawful lottery."Donald Green, a professor at Columbia University who studies field efforts, told BI that Musk's project could inaugurate a "new era" of pumping money into campaigns."This certainly opens the door to doing things that don't pay for people to vote, but certainly pay people to do things that are tip-toeing up to the vote," he told BI the day after the election.As of October 29, America PAC had mailed out more than 87,000 checks to people who referred petition signers, according to a <a target="_blank" href="https://x.com/america/status/1851435453091602781">post from the organization on X.</a>Green told BI that the petition was likely most useful for the quiet data it collected, which was shared with the Trump campaign under new federal election rules."If the take-home message from this campaign is that these kinds of last-minute list-building operations are effective, you can expect to see more of them," Green said ahead of the election. "I would say that the magic is not the petition per se, but the list-building that follows from it."<h2 id="10f87c68-a314-4f2a-a182-aff565771cb7">Musk's work in Pennsylvania reverberated beyond state borders.</h2>Musk's sprawling, last-minute effort in Pennsylvania had stakes <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*d48hdb*_ga*MTYzNzE5MDYzNC4xNzI2NjY1NTMw*_ga_E21CV80ZCZ*MTczMDkyMjQ1Ny4xNDMuMS4xNzMwOTI0MjYyLjIzLjAuMA..">beyond his wallet</a>. Now that Trump has won the White House, thanks partly to the state's 19 Electoral College votes, Musk stands to amass even more power. The president-elect offered to put him in charge of a "Government Efficiency Commission" that oversees the very agencies that regulate Musk's many businesses."If he loses, I'm fucked," Musk said on a podcast at the beginning of October.Lucky for Musk, both he and Trump came out on top — in Pennsylvania and pretty much everywhere else.

Elon Musk went all-in on Pennsylvania — and his expensive effort paid off big time

<ul class="summary-list"><li>Retail sales held up surprisingly well over the summer in spite of concerns about a sharper slowdown.</li><li>The picture is <a target="_blank" class="" href="https://www.businessinsider.com/retailers-showing-squeezed-us-shoppers-have-two-very-different-realities-2024-8">more complicated among lower-income shoppers</a>, auto parts and dollar store execs say.</li></ul>As the summer comes to a close, it seems that most of the worst-case economic scenarios have been avoided.The relief was apparent during the most recent earnings cycle as <a target="_blank" class="" href="https://www.businessinsider.com/walmart-results-sales-profits-relief-retail-sector-2024-8">retailers reported sales that held up</a> surprisingly well in spite of concerns about a sharper slowdown.Share prices for Walmart and Costco continue to reach all-time highs as inflation-weary consumers flock to value-oriented retailers, and investors largely forgave <a target="_blank" class="" href="https://www.businessinsider.com/home-depot-earnings-americans-in-deferral-mindset-consumer-spending-2024-8">home improvement suppliers</a> for soft sales during the quarter.Given rising home values, strong employment figures, a booming stock market, and cooling inflation, US household finances appear to be in <a target="_blank" class="" href="https://www.businessinsider.com/how-americans-build-wealth-changing-stocks-homes-people-missed-out-2024-8">a remarkably good spot</a>.But Americans are not a monolith, as Jefferies consumer strategist Carey Kaufman pointed out in a note to clients Tuesday."The U.S. consumer is three consumers," he wrote: the top fifth of the income scale, the bottom fifth, and the middle three-fifths.Heading into the autumn, a considerable number of those in the bottom quintile appear to be running on borrowed time.<h2 id="739846fc-9a1d-438a-b3ae-10a6df2e3f47">Telling signs from spending at auto parts and dollar stores</h2>In contrast to the rosy outlook from stores that serve relatively large (and growing) shares of middle- and upper-income customers, auto parts and dollar store retailers are telling a more complicated story among their core customers who have lower household incomes."When times are good, our core customer normally works her 30- to 40-hour a week job, but also has a secondary job that she normally works 15 to 25 hours in. What she told us in Q2 was that is going away or has gone away," Dollar General CEO Ted Vasos said earlier this month at the Goldman Sachs Global Retailing Conference.Vasos said that reduction in earnings, coupled with higher prices from years of inflation, has put <a target="_blank" class="" href="https://www.businessinsider.com/dollar-general-shows-how-bad-economy-is-for-some-shoppers-2024-8">increased pressure on lower-income households</a>. If things continue according to historical trends, those concerns begin to get more serious for middle and upper-income segments as well."When things start to move south in the economy, our core customer feels it first," Vasos said. "We usually see it before most retailers start to feel it."Dollar Tree, which owns Family Dollar, reported similar consumer headwinds during its quarterly earnings this month.Auto parts stores are another retail category that is especially tuned in to what's happening at the lower ends of the economic scale.Much of their consumer-facing business is driven by helping people keep their cars and trucks running smoothly, Mizuho analyst David Bellinger told Business Insider."That's the lower end consumer who works on their car out of economic necessity," he said. "So maybe if they don't have to make a fix, they could delay a few months. That's kind of what's happening now."Advance Auto Parts CFO Ryan Grimsland said during the company's earnings call last month that DIY customers are deferring "maintenance that you would typically want to see," like skipping an oil change or ignoring a check-engine light.That can help extend the household budget for a time, but as Genuine Parts CEO Will Stengel put it earlier this month, "there's only so long you can defer an issue."And repairs aren't the only auto-related expense seeing cut-backs. Ally Financial this week reported worse than expected loan performance in July and August."Our borrower is struggling with high inflation and cost of living, and now more recently, a weakening employment picture," Ally CFO Russell Hutchinson <a target="_blank" class="" href="https://www.reuters.com/business/finance/ally-financial-flags-intensifying-credit-challenges-shares-slump-2024-09-10/">said</a>, according to Reuters.One thing that deferred maintenance and missed payments have in common is they are both problems that get more expensive with time. Nobody wants to be stranded on the side of the road or hounded by collections agents, but more people are finding themselves hoping to make it one day or week at a time.Indeed, as Dollar General's Vasos observed, paychecks aren't going as far as they once did."What we noticed was an even tighter core consumer at the very last week of each of the months in Q2," he said. "While that's always a tighter week of the month for our core consumer, it was by far the weakest."The expected interest rate cut from the Federal Reserve next week won't solve these difficulties overnight, but it could signal that improvement is in sight.Interest rate effects take a while to work through the economy, Bellinger noted, as big purchases are financed, working hours are scheduled, and business activity ticks back up.Still, with any luck, the creeping sense of economic anxiety might begin to subside, not just for the middle class, but for the households that have borne the real brunt of America's war on inflation.

Auto parts and dollar store execs warn that low-income Americans are stretched thin and running on borrowed time

<ul class="summary-list"><li><keyword id="23254035" type="General" weightage="20" keywordseo="home-improvement-retailers" source="keywords">Home improvement retailers</keyword> are among the first to see a lift from the Fed's rate cut.</li><li>Share prices for <keyword id="20320193" type="General" weightage="20" keywordseo="Home-Depot" source="keywords" meta.keywordsubtype="org" meta.entityname="Home Depot" meta.hostid="261" meta.entityid="Home Depot">Home Depot</keyword> and <keyword id="23254034" type="General" weightage="20" keywordseo="Lowes" source="keywords" meta.keywordsubtype="org" meta.entityname="Lowe's" meta.hostid="261" meta.entityid="Lowe's">Lowe's</keyword> are up, and <a target="_blank" href="https://www.businessinsider.com/fed-interest-rates-cut-jerome-powell-labor-market-mortgage-pantheon-2024-9">spending on projects is expected to follow</a>.</li></ul>The US Federal Reserve's decision Wednesday to <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">cut rates by half a percentage point</a> has created a flurry of immediate reactions, but the real effects of the policy are likely to take several months to bear out. Still, some areas of the economy are already seeing a lift in response to the news — and the fact that the Fed went with the larger of the two most likely options under consideration. <a target="_blank" href="https://www.businessinsider.com/comparing-lowes-vs-home-depot-2023-12">Home improvement retailers,</a> in particular, are among the companies who were primed to come out of the gate strong with a rate cut, and, true to form, shares for Home Depot and Lowe's were up as of Thursday's market close. "Home-related companies should soon see the beginnings of fundamental recovery exiting this year," Mizuho analyst David Bellinger told Business Insider. "Aside from any initial noise in the market, Home Depot and Lowe's should keep grinding higher as all this comes together." And while a rising <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> carries its own benefits for a company, the uptick is a signal of a much more important change still to come: sales. Executives for both Home Depot and Lowe's have characterized their businesses as being constrained by low housing turnover and high borrowing costs, both of which are results of the Fed's tight interest rate policy. Home Depot CFO Richard McPhail described his company's core customer as having "<a target="_blank" href="https://www.businessinsider.com/home-depot-earnings-americans-in-deferral-mindset-consumer-spending-2024-8">a deferral mindset</a>" in spite of being in a generally healthy financial position. In short, most <a target="_blank" href="https://www.businessinsider.com/americans-doing-less-diy-worrying-sign-economy-lowes-earnings-2024-8">big-ticket spending on home improvement</a> comes from one of two places: people buying and selling homes and homeowners renovating existing homes with borrowed money. Unless they have to fix something urgently, a lot of folks have decided they're better off waiting to upgrade. Fed Chairman Jerome Powell talked about the impact on the <keyword id="20759748" type="General" weightage="20" keywordseo="housing-market" source="keywords">housing market</keyword> in his remarks following Wednesday's announcement. "The housing market is in part frozen because of lock-in with low rates. People don't want to sell their home," he said. "As rates come down, people will start to move more, and that's probably beginning to happen already." What's more, Powell signaled in his speech that further cuts are likely if the data support them, which can encourage some of those sitting on the sidelines to go ahead with a new mortgage or credit line with the expectation that they can simply <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-refinance-personal-loan">refinance</a> in a few months when rates come down further. Additionally, Home Depot and Lowe's have taken great care to manage investor expectations through the <a target="_blank" href="https://www.businessinsider.com/lowes-dicks-macys-sound-alarm-us-shoppers-spending-2023-8">slumping sales and slimmer profits</a> over the past year. In particular, both companies <a target="_blank" class="c-link" href="https://www.businessinsider.com/home-depot-1-billion-wage-boost-improved-worker-safety-satisfaction-2023-5">continued to invest in their stores</a> with the expectation that pent-up demand would eventually be unlocked. (Truist Securities analyst Scot Ciccarelli has referred several times to a "coiled spring" for the retailers.) Max Rakhlenko, a TD Securities analyst, said in a note on Wednesday that Lowe's management was expecting a "phased recovery" in which homeowners start with smaller projects before getting more comfortable with larger ones that require tapping into their house's equity. "We're aggressively working in this downturn," Lowe's CEO Marvin Ellison said during his earnings call last month, adding, "Whenever the macro inflection occurs, we just want to be ready to take advantage of it." It appears Ellison may not have to wait much longer. Correction: September 20, 2024 — An earlier version of this story misstated the day a TD Securities analyst sent out his note on Lowe's. It was Wednesday, not Thursday.

Home Depot and Lowe's are already seeing the first of many likely benefits from the Fed's rate cut

<ul class="summary-list"><li>Emotionally immature parents are different, but all share some key characteristics.</li><li>They can struggle to empathize with their kids, admit fault, or listen to other people.</li></ul>Not all <a target="_blank" href="https://www.businessinsider.com/signs-you-grew-up-in-a-dysfunctional-family-2024-1">dysfunctional families</a> involve physical abuse or extreme neglect. Being raised by an <a target="_blank" href="https://www.businessinsider.com/types-emotionally-immature-parents-passive-reactive-critical-absent-2024-1">emotionally immature parent</a> can be enough to make you feel alone, anxious, or invisible into adulthood.<a target="_blank" href="http://www.lindsaygibsonpsyd.com/">Dr. Lindsay C. Gibson</a>, a clinical psychologist who wrote the bestselling book "Adult Children of Emotionally Immature Parents," told Business Insider that these types of parents can be erratic, self-absorbed, lacking empathy, and unable to ever apologize.Sometimes labeled as "<a target="_blank" href="https://www.businessinsider.com/therapy-speak-language-terms-retire-2024-2023-12">narcissists</a>," emotionally immature parents can have profoundly negative effects on their kids."You might have nice clothes, you might have plenty of food," she told BI. "But inside, you're likely to have a sense of emotional loneliness and a feeling that things aren't quite right, and it affects your sense of belonging."Gibson shared some of the key signs you were raised by emotionally immature parents.<h2 id="e857bbbb-d87a-4dbd-b1c0-0752b4dd01b9">They're more interested in themselves</h2>Gibson said emotionally immature parents tend to be egocentric in some way. They might bring conversations back to themselves instead of asking you questions or monologue at you over the phone."A person who is emotionally mature is going to be able to consider other people's rights and feelings automatically," she said.Children of emotionally immature parents get the message that their interests and <a target="_blank" href="https://www.businessinsider.com/bird-test-bids-deeper-relationships-friendships-gottman-institute-2024-2">bids for attention don't matter</a>. As a result, they can feel disconnected from their caretakers and gravitate toward familiarly <a target="_blank" href="https://www.businessinsider.com/one-sided-friendship-signs-to-look-out-for-2024-3">one-sided relationships</a> as adults.<h2 id="30f4231b-406c-43a1-a52b-5a926f70b4d1">They can't empathize with you</h2>Emotionally immature parents are likely to see you more as an extension of themselves than an individual person, Gibson said.For example, if your parent is <a target="_blank" href="https://www.businessinsider.com/signs-grew-up-overly-critical-parents-2023-12">highly critical</a> and success-driven, they might be unable to notice (or care) that you don't like the extracurriculars they signed you up for. Or if you indicate feeling tired or burned out, they can't empathize with your feelings.If you're in a disagreement, your parent's point of view is always the correct one, no matter how glaringly wrong you feel they are."When something makes them feel uncomfortable or their self-esteem is threatened, they just change their perception of the reality," Gibson said. "They really can't take in other people's viewpoints; it just doesn't compute."These families tend to be <a target="_blank" href="https://www.businessinsider.com/signs-you-struggled-with-enmeshment-in-your-family-2023-9">enmeshed</a>, where kids struggle to tell the difference between what they want and what their parents want, Gibson said.<h2 id="3b9194db-ab07-4a5c-834b-f9a0ebf352be">They don't apologize or try to do better next time</h2>Because they're focused on themselves and aren't receptive to other perspectives, emotionally immature parents are unlikely to apologize or take accountability, Gibson said.While many people can get stubborn or defensive in a fight, emotionally immature parents never have that <a target="_blank" href="https://www.businessinsider.com/signs-symptoms-you-are-struggling-with-emotional-dysregulation-2023-9">cool-down moment</a> where they reflect on the role they played during a blow-up. A <a target="_blank" href="https://www.businessinsider.com/signs-grew-up-reactive-parent-emotionally-volatile-unstable-2024-1">highly reactive parent</a>, for example, is unable to acknowledge how their behavior makes you feel tense.Since emotionally immature parents are not curious about finding a middle ground or seeing where they could improve their communication, you might find yourself in the same types of disagreements over and over again — and <a target="_blank" href="https://www.businessinsider.com/signs-you-were-raised-by-eggshell-parent-2024-9">walking on eggshells</a> to avoid them. This is where <a target="_blank" href="https://www.businessinsider.com/emotionally-immature-parent-set-boundaries-psychologist-2023-9">setting boundaries</a> can become important.<h2 id="6d9c16df-67d5-4280-ba2b-985989ad0828">They're popular with other people, but disconnected from you</h2>While the above behaviors might feel insufferable to you, emotionally immature parents may be able to hide them around others."They might be very socially skilled, they might be very popular, they might be good with keeping themselves under control," Gibson said. "But when it comes to that kind of emotional closeness where you open up to each other, that's where they really back up."Another example is the "fun" parent — someone who might have played with you a lot as a kid but is otherwise <a target="_blank" href="https://www.businessinsider.com/signs-raised-by-passive-parent-2024-1">passive</a>, according to Gibson. The moment you start expressing your feelings, they pull away, reinforcing the idea that your vulnerability is too much for them.<h2 id="3e6bac35-e0de-4257-9795-2efb09ccfa2d">They only show up for you in practical ways</h2>If your parents paid for your college tuition or took great care of you when you were sick, you might feel ambivalent about the "emotionally immature" label. How self-interested they could be, if they made such big financial or time commitments in raising you?While Gibson acknowledged that material benefits are important stepping stones to success, she also said that "growing up is so much more than your physical needs." It's also important for parents to offer warmth and emotional support for their kids.Otherwise, kids with <a target="_blank" href="https://www.businessinsider.com/signs-you-grew-up-emotionally-absent-parents-2023-12">emotionally absent parents</a> can grow up to feel like they need to perform to gain attention or that they only deserve the bare minimum from their other relationships."It's crucial that you get the kind of emotional connection and empathy that emotionally mature parents can give their children," she said.

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Elon Musk went all-in on Pennsylvania — and his expensive effort paid off big time

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